www.iva.co.uk

Would you be in a position financially to fund the mortgage and the secured loan payments if you were to go bankrupt to deal with the unsecured creditors? Don't forget that roof over your head is paramount, and if renting privately is going to cost as much as your current secured loans, then it might be worth hanging in there with the property.

I cant stay here, the more i do the more i dwell on the bad times, its not healthy and its rubbing off on the children. I know its not a reason to give the house up but im just saying i havnt go the energy to fight for a house i dont want!

So i think im going to go with what Jan says, move out into rented accommodation before i go BR and my credit is at an all time low!

I cannot cope with still living here and still juggling debts - a fresh start and being BR i can cope with!

I do know the implications of being BR, I have read all about it. I have already prepared and got a pre-pay credit card to use if i lose my bank accounts.

If the Co-op are not one of your creditors, I recommend you open an account with them. They are very BR friendly.

Thank you Jan, Shall i open it ASAP or after BR?

I would open it now if I were you.

A basic Cashminder account can only be opened by phone or in a branch, not online, but it does come highly recommended by posters on here.

The best thing about an IVA is that your home is totally secured. There are no social stigma attached to it, your friends and family will not have to know that you have gone bankrupt; you are given 60 months to make a payment to all your creditors

Your home is only secure if you keep up mortgage/secured payments on it.

You are not bankrupt at all and your IVA may extend past 60 months.